In This Issue
- Smart Clients: Colonial Tax Consultants
- Did You Know?
- SmartSpotlight
- SmartTips
- SmartFamily Buzz
- Pay It Forward
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GREETINGS FROM SMARTNEWS!
We hope you enjoyed our inaugural issue in January. We've been so busy that we've decided to make SmartNews bimonthly. Our busyness has involved several new products and partnerships as well as some inspirational news from the home front.
We continue to bring you the best payment products and services for your organization—including a new check guarantee product. This new service, targeted at retailers and restaurants with small ticket items, allows our clients to expand their businesses by accepting checks with confidence. For example, pizza delivery services which do not have access to a terminal for verification can accept a check without verification and without fear. Our partnerships have expanded as well - like our new alliance with iPro Invoice. We will be providing them with back-end ACH processing services. iPro Invoice provides smaller businesses with low-cost, robust electronic invoicing solutions. However, it's not just about adding a partnership or a new product. It's about melding both to deliver the best payment solutions for your business - like Orgamation, which provides payment software for daycare providers [look for more information on this pairing in the coming month].
Since our staff and clients are our business, we continue to bring you features like SmartFamily Buzz, SmartSpotlight and SmartClients. Find out how our SmartFamily is serving the country. Gain insight into a SmartClient's business [hint: tax time is just around the corner]. Learn about another employee who is not only "smart" but amazingly versatile and nothing short of fascinating.
Finally, for our ACH clients, look for an important tip on how to handle Notifications of Change.
See? We weren't kidding about all of our news! We will continue to provide you with the information you need to perform more efficiently and cost-effectively, so you can pay smart and grow smart.
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SMARTCLIENTS
A Company Finds Processing Payments Less "Taxing"
Colonial Tax Consultants, Inc. (CTC) represents individuals and businesses owing past due federal and state tax payments. The company's highly-qualified attorneys, certified public accountants (CPAs) and enrolled agents focus solely on taxpayer issues, negotiating the best possible arrangements on behalf of clients. By proposing a manageable payment plan, arranging a settlement, eliminating penalties and interest, or completely restructuring an organization in a tax-advantageous manner, CTC creates a win-win scenario for all involved parties. As an added benefit to existing clients, the company also prepares returns for those clients who owe taxes.
When the Denver-based company hung out its shingle in 2004, finding a payment processing company was a top priority. In their previous jobs, several of the company's key executives had experienced the time and money sieve that often occurs when a business tries to take on payment processing alone.
"A lot of money and time is wasted trying to get checks sent in the mail, almost always by an overnight service," explains Joshua Hartley, an Enrolled Agent, Colonial Tax Consultants, Inc. "The business ends up spending about $30 just to get a check in house. We knew there had to be a smarter way of doing that, and Smart Payment Solutions (SPS) was the answer."
Googling the Way to Smarter Payments
The Internet proved to be a serendipitous vehicle for CTC, having discovered SPS online. "We called at least three or four other companies," recounts Hartley. "From a price point, SPS was competitive. But what sealed the deal was the way they handled our calls." Hartley says the other companies pitched hard, bombarding him with indecipherable industry jargon. He adds, "I hate being sold."
SPS was different, focusing more on educating Hartley rather than selling him. "Matt [Whitaker] was the only one who wasn't pushing a hard sell," recalls Hartley. "He actually took the time to explain everything to us, and in language that we understood."
CTC uses SPS' ACH processing for incoming and outgoing checks. But it isn't where the relationship ends. "We plan to move our credit card processing over to them after the first quarter," offers Hartley. "Their credit card processing rates are lower than those we receive with the accounting software currently used at CTC."
In addition to the exceptional products and rates, Hartley adds that implementation couldn't have been easier. "From the moment we signed up, SPS gave us a 30-minute orientation and processed all of our checks that same day." The company has been using SPS ever since, without encountering any obstacles along the way.
Same Day Service...What More Could You Ask For?
Despite the benefits of the Internet, one of its pitfalls can be lack of personal, responsive customer service. Not so with SPS, according to Hartley. "Our experience has been great. I've never had a single problem that wasn't resolved on the same day." On the rare occasion when an issue does crop up, SPS responds quickly to emails and phone calls. This philosophy extends to general queries as well. "Most of my communication is just asking SPS a lot of questions," observes Hartley. "I'm happy to confirm that they have been very patient with me on that end."
This responsive attitude is crucial to CTC's success. Hartley reveals that the industry is hyper-competitive, and waiting on snail mail can be a huge detriment. "You can talk to a prospect today who says he's signing up and mailing his paperwork and check to you," he explains. "You think everything's great and then three days later when nothing has come in, you find out a competitor convinced your client to go with him instead."
This common scenario is remedied by companies like SPS. "Working with SPS means we don't have to rely on the mail, and that's huge," notes Hartley. "The client faxes the contract and his/her ACH information to us immediately. If it doesn't show up, it gives us an opportunity to call the client right away rather than lose three days waiting."
For a new business, this approach can mean the difference between success and failure. "It is a huge advantage, especially when we first opened," confirms Hartley. "When your company is the new kid on the block, you need every advantage you can get to compete with the big guys in the industry who, by the way, are still using a major courier to send and receive checks."
If Hartley's testimonial isn't enough to convince skeptics, he leaves them with this last tidbit on the benefits of ACH processing, "No trips to the bank, no waiting for the mail, and the money is available in your account as early as the next morning versus a possible five-day hold by a traditional bank. What more can you ask for?"
We couldn't have said it better ourselves.
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DID YOU KNOW?
More than 73 million tax returns, nearly 54 percent of all returns, were filed electronically in 2006. Just under 53 million returns came from tax professionals. Taxpayers filed more than 20 million returns from home computers—up 36 percent from last year, according to the Internal Revenue Service.
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SMARTSPOTLIGHT
What do origami, music and 25 pets have in common? They are just a few of Allyson Clarkson's passions. Of course, she counts her position as Smart Payment Solutions' Operations Manager among them as well.
Based in our Greenwood, Indiana office, Allyson is representative of SPS' commitment to finding the best solutions for its customers. Her superior analytical skills, and boundless curiosity and enthusiasm have been integral to improving and ensuring the efficiency of our processes as well as considering clients' suggestions, resolving their unique issues and finding the right solutions to meet their needs. She also is involved in overseeing the company's returned check processing system and new free check guarantee program.
Allyson came to SPS through its acquisition of Automated Financial Group (AFG). She started out as a processing operator. During her tenure at AFG, she also served in various capacities first ranging from customer service and tech support to bookkeeping and product development and training. Allyson notes that this experience gave her a well-rounded view of what it takes to ensure efficiency and improve processes within an organization.
Prior to AFG, Allyson worked at Megasys, Inc. (now MeridianIQ), a transportation logistics company. She provided customer support and worked with the company's programmers to design a system to monitor billing for one client.
"I like to think of myself as a problem solver," reveals Allyson. And, SPS has been instrumental in fostering those analytical skills. "I love the fact that SPS doesn't try to pigeon-hole us into specific functions," she explains. "We have the flexibility to define our own roles within the company, to a large extent, and that keeps the job interesting and fulfilling. I know that my contributions are important and valued. I don't think I really knew how much I craved appreciation for my work until I actually received it here."
Tinkering with various systems and figuring out how to improve them is a passion for Allyson and has enabled the company to better serve clients. "We don't allow our business to stagnate," she says. "We're constantly looking for new products to offer, for ways to improve our existing products, and how they can benefit our clients. When we solve a problem for one client, we are often able to take the solution we've provided and use it to enrich the service we provide to all of our clients."
Perhaps her stellar problem solving skills can be attributed to her love of music and fascination with origami. "I have a deep interest in music," says Allyson. "I've been playing the flute since the sixth grade." She earned her Bachelor of Arts degree in Music from Centre College in Kentucky, while working as the school's music librarian, recording technician and occasional office assistant. She also attended the prestigious Indiana Academy for Science, Mathematics and Humanities during high school. Music continues to inspire Allyson, who enjoys all music genres, and has expanded her repertoire to include vocal performances in the church choir as well as her alternative rock band. She also enjoys visual arts and writing, and loves to hike.
One look at Allyson's office and you'll understand how adept she is at figuring things out. Origami boxes decorate her bulletin board including a day-by-day origami calendar.
However, Allyson isn't totally focused on technical skills. She is the mother of 25 and counting. Pets, that is. With an assortment of rescued and adopted dogs, cats, rats, rabbits and Guinea pigs, the vegetarian is committed to the welfare of domestic animals as well as educating people about them.
That combination of talent and caring is the norm at SPS. With sincere modesty, Allyson begs to differ. "We are successful because of our clients," she concludes. "I want to encourage them to speak up and ask questions or make requests because it's our clients who make us better. We might not always be able to accommodate all requests immediately, but we will definitely work to make changes happen, or to guide clients to other solutions. We're in the business of making their businesses more profitable, and client feedback is an invaluable asset to us."
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SMARTTIPS
This month's tip is for our ACH Clients. Are you diligent about your Corrections?
When we send ACH transactions in to the Federal Reserve, we could potentially receive one of two responses back from your customers' banks. The more common of the two is a return. A return tells us that a specific transaction was not honored by the bank, and it gives the reason that the transaction was not honored, such as insufficient funds, an invalid bank account, or a consumer who claims that the transaction was not authorized. The funds are automatically pulled back from your settlement, or if you have already received the payment, from your settlement account.
A Correction, also called Notification of Change (NOC), is a note from the bank asking you to make a change the next time you submit a transaction to that account. Unlike a return, a correction implies that the bank honored the transaction. However, it is very important to make the appropriate changes if you send another transaction to that account. If you do not make the changes as requested, then the customer's bank may dishonor the next transaction to that account, or worse, they can complain to our bank partner if you regularly ignore NOCs. Anyone that participates in the ACH Network is bound by the rules of NACHA (National Automated Clearinghouse Association), and it is a violation of the rules to ignore NOCs.
You can find NOCs in the overview table in our web gateway. Simply click on the number of corrections, and then click on each individual transaction to review the NOC. The most typical NOC occurs when a bank changes routing numbers, perhaps in a merger of two banks, or when a bank changes account number structures. When you receive a return, please make sure you make the changes the next time you submit a transaction to that account, especially if the NOC pertains to a customer who is on a payment plan. If you only submit transactions once per month, we recommend that you log in and view any corrections prior to submitting your new transactions.
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SMARTFAMILY BUZZ
The dedication of our SmartFamily extends beyond the workplace. In this issue, it's all about serving our country and we are proud to recognize their service:
- SmartPartnerships: Shazia Philipsen's husband, Chris, currently is working in Baghdad as a contractor. We wish good health and a safe return to him and the troops.
- SmartAppointments: Rory Conway's wife, Pia de Solenni, has recently returned from serving as a US public delegate to the Fifty-first session of the United Nations (U.N.) Commission on the Status of Women (CSW). CSW is dedicated exclusively to gender equality and the advancement of women. This year's theme is "Eliminating Violence and Discrimination Against the Girl Child."
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PAY IT FORWARD
Do you know a colleague interested in electronic payment solutions for his or her organization? We appreciate your referrals.
Have a question about our services or a payment issue you'd like to discuss? We are happy to help you.
Want to share a great payment tip or best practice with more than 1,000 of our clients? We welcome your comments, suggestions and tips. Of course, we'll never turn away a referral. Send a CPA our way by April 30. If he or she becomes a client, we'll reward you handsomely with undying gratitude and a $50 Barnes and Noble gift certificate. Send your comments/referrals and your contact info to news@smartps.com.
SmartNews is a bimonthly newsletter for Smart Payment Solutions customers and colleagues. Each issue covers various aspects of the electronic payments industry, and how it can benefit you and your business. Know colleagues who would be interested in this newsletter? Please feel free to pass it along to them.
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ABOUT SMART PAYMENT SOLUTIONS
Smart Payment Solutions is a payment processing company that helps non-profit organizations and corporations enhance productivity, increase contributions and electronically process payments efficiently and securely. Headquartered in Arlington, Virginia, with offices in Indiana and New Hampshire, Smart Payment Solutions was founded in 2002. By employing a highly consultative approach, the company is able to create customized solutions that meet clients' unique needs. Services include ACH payment processing, check verification, Returned Check Processing, automated recurring payments, collection of donations and payments, and conversion of paper checks into electronic transactions-all performed safely and securely. For more information visit www.smartpaymentsolutions.com or call Matt Whitaker at 703-516-4282.
You are receiving this email newsletter because you are a client, partner, supplier, colleague, supporter, or friend of Smart Payment Solutions. Or you might be a spouse, partner, parent, brother, sister, aunt, uncle, niece, nephew, or second cousin—twice removed of one of our employees. Whoever you are and however you got here, we hope you enjoy the newsletter. Feel free to pass it along to a friend or colleague... or Great Aunt Tilly's CPA, your kid's daycare provider, etc.
